Lending trends 2024
Over the past year there has been a shift in lending risk within the credit union sector. In 2023, credit unions in Great Britain approved nearly 6 out of 10 loan applications. However, as of 31 August 2024, this approval rate has dropped, despite applicants credit risk being lower. What are these lending trends telling…
Read MoreSave as You Borrow: a unique way to build savings
When it comes to managing finances, getting the right balance between saving and borrowing is often a challenge. Many people find themselves needing to borrow money, whether it’s for an unexpected emergency, home improvement, or a special purchase. Credit unions are financial institutions that provide people the opportunity to borrow and also save at the…
Read MoreHow lenders look at affordability
There are several ways affordability is considered by lenders. Lenders are legally obliged to assess the affordability of a loan. Usually this involves looking at bank statements or (for a quicker decision) by opting in to Open Banking. The following tips outline several ways you can ensure your affordability isn’t impacted too much. The lenders…
Read MoreProving your identity
All NestEgg lenders are regulated by the Financial Conduct Authority and Prudential Regulation Authority. Due to this, credit unions are required to confirm your identity before you join and take out a loan. When you complete an online application, NestEgg will use information from a Credit Reference Agency to check your identity. In most cases…
Read MoreHow a ‘thin credit file’ can stop you getting a loan
A ‘thin credit file’ refers to when you have no or very little credit history. A thin credit file can make it difficult for lenders to assess your creditworthiness. This is because lenders rely on your history of borrowing and repayment behaviour to decide whether to lend you money. Why you might have a thin…
Read MoreWhat are the benefits of using Open Banking?
Open Banking makes it easier for you to access loans from credit unions. What is Open Banking? Open Banking is a data sharing system allowing individuals to securely share financial information with other authorised third-party companies. This includes financial institutions such as credit unions. Having access to your financial information (including your income and spending)…
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